National Grid 2008 Annual Report Download - page 129

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 24271
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 33
Description: EXH 2(B).5.1
0/2512.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/512/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 24271
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 33 Description: EXH 2(B).5.1
0/2512.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/512/2*
33
Amounts for each Interest Accrual Period and the relevant Interest Payment Date and, if required to be
calculated, the Final Redemption Amount, Early Redemption Amount, Optional Redemption Amount or any
Instalment Amount to be notified to the Trustee, the Issuer, each of the Payin
g
A
g
ents, the
Instrumentholders, any other Calculation A
g
ent appointed in respect of the Instruments that is to make a
further calculation upon receipt of such information and, if the Instruments are listed on a stock exchan
g
e
and the rules of such exchan
g
e so require, such exchan
g
e as soon as possible after their determination but
in no event later than (i) the commencement of the relevant Interest Period, if determined prior to such time,
in the case of notification to such exchan
g
e of a Rate of Interest and Interest Amount, or (ii) in all other
cases, the fourth Business Day after such determination. Where any Interest Payment Date or Interest
Period Date is subject to adjustment pursuant to Condition 3.2.3(b)(ii), the Interest Amounts and the Interest
Payment Date so published may subsequently be amended (or appropriate alternative arran
g
ements made
with the consent of the Trustee by way of adjustment) without notice in the event of an extension or
shortenin
g
of the Interest Period. If the Instruments become due and payable under Condition 8, the
accrued interest and the Rate of Interest payable in respect of the Instruments shall nevertheless continue
to be calculated as previously in accordance with this Condition but no publication of the Rate of Interest or
the Interest Amount so calculated need be made unless the Trustee otherwise requires. The determination
of any rate or amount, the obtainin
g
of each quotation and the makin
g
of each determination or calculation
b
y
the Calculation A
g
ent
(
s
)
shall
(
in the absence of manifest error
)
be final and bindin
g
u
p
on all
p
arties.
(h) Determination or Calculation by Trustee
If the Calculation A
g
ent does not at any time for any reason determine or calculate the Rate of Interest for
an Interest Accrual Period or any Interest Amount, Instalment Amount, Final Redemption Amount, Early
Redemption Amount or Optional Redemption Amount the Trustee shall do so (or shall appoint an a
g
ent on
its behalf to do so) and such determination or calculation shall be deemed to have been made by the
Calculation A
g
ent. In doin
g
so, the Trustee shall apply the precedin
g
provisions of this Condition, with any
necessary consequential amendments, to the extent that, in its opinion, it can do so, and, in all other
respects it shall do so in such manner as it shall deem fair and reasonable in all the circumstances.
3.2.5
Definition
s
In these Conditions, unless the context otherwise requires, the followin
g
defined terms shall have the meanin
g
s
set out below:
“Business Day” means:
(a) in the case of a currency other than Euro, a day (other than a Saturday or Sunday) on which commercial
banks and forei
g
n exchan
g
e markets settle payments in the principal financial centre for such currency;
and/or
(b) in the case of Euro, a day on which the TARGET System is operating (a “TARGET Business Day”); and/or